YARETANOL®: GREEN POWER.

Nations are currently striving for energy independence, seeking alternative fuels that are not political instruments,

that are not contaminants and, in the case of biofuels, that do not come from foodstuffs.

1. THE PRODUCTS The YARE (the milky juice arising from pressing bitter cassava that has a high cyanide content) is at the moment not

taken advantage of industrially in Venezuela and our team, came to the selection and harvesting from yare in sitior where it is

generated and we made scale experimentations of laboratory of alcoholic fermentation during the last two years, obtaining an

increase in the yield of the production of yare/ethanol in 50%.

YIELD COMPARATIVE TABLE *

Raw material Yield (%)

Corn 20 Potato 20 Sugarcane 22,3 Yam 25 Carrot 35 Beetroot 35 Cassava 37 YARE** 50

YARETANOL®: an ecological, non-fossil, renewable fuel that is derived from an environmental liability, that does not

sacrifice any foodstuffs and that has a high demand, at 50% of the market price, through a patented process (See

Apendix A) , with the following characteristics:

• High yield (50%), • Low energy use through self-generation, • With proprietary rights to the strain or bacteria for fermentation, • With machinery and equipment of our own design, • That generates a wide range of byproducts, • With very high social impact due to the creation of jobs (>1,500 jobs) and the fostering of agriculture, • With important benefits in relation to environmental cleaning because contamination problems are solved by

using yare (the milky juice arising from pressing bitter cassava that has a high cyanide content) as raw material, which is considered to be a waste and an environmental liability.

• A business capable of being reproduced at the international scale in tropical climates, on arid soils that are poor in nutrients.

Additionally:

• It is not poisonous. • It does not cause air pollution or any environmental hazard. • It does not contribute to the greenhouse effect problem (CO2 addition to the atmosphere, causing global

warming). • It has a higher octane rating than petrol as a fuel. That is, ethanol is an octane booster and anti-knocking agent. • It is an excellent raw material for synthetic chemicals. • Provides jobs and economic development in rural areas. • Reduces country’s dependence on petroleum and it is a source of non-oil revenue for any producing country. • Is capable of reducing the adverse foreign trade balance. (see below for "benefits comparison").

1 YARETANOL

ESTIMATED YIELD AVERAGE *

(MILES) Kg/ha Lts Kg Lts

CASSAVA FLOUR

(Kg)

WATER (Lt)

STARCH (Lt)

ETHANOL (Lt)

VINASSES (Kg)

ANIMAL FEED (Kg)

IN THE CASSAVA CROPS 30

IN YARE (75%) 22,5 3,9 4,4 11,25 2,9

IN CASSAVA PULP ( 20 % ) 6 6

IN RIND ( 5 % ) 1,5 1,5

E

ETAVENCA will produce YARETANOL® and other types of alcohol (Isobutyl Alcohol, Butanol, Propanol, Acetic acid,

etc) in addition to cassava flour as a human food product, starch as a basis for biopolymers, vinasses for biofuel, animal

feed and water.

COMPARISON OF KEY CHARACTERISTICS BETWEEN THE ETHANOL INDUSTRIES IN THE UNITED STATES, BRAZIL AND VENEZUELA (YARETANOL)

CHARACTERISTIC BRAZIL U.S. VENEZUELA UNITS/COMMENTS

Feedstock Main Sugar cane Maize YARETANOL cash crop for ethanol production, the US has less than 2% from

other crops. Cost of production

(USD/Lt)

22¢ 35¢ 18¢

Energy balance (input energy productivity)

8.3 to 10.2 times 1.3 to 1.6 times 2.0 to 1.0 times Ratio of the energy obtained from ethanol to the energy expended

in its production

2. OVERVIEW OF THE ORGANIZATION

2.1-Registered Name

ETAVEN, C. A., (Etanol de Venezuela, C.A.)

2.2-Commencement of Operations

ETAVEN, C.A. was registered in Agosto 2007 and will commence production operations in Carabobo in August 2009.

2.3 History

This venture was born when the inventors Mr. José Gregorio Giménez and Mr. Valmore Hernández patented the method to

obtain ethanol from the Yare in the 2006. Soon, together with Mr. Alesandro Palmisano registered company ETAVEN, C. A.

and incorporated to Board at Ms. Ivaneth Silva Pernalette. (See Apendix B)

2.4 Mission Statement

ETAVEN, C.A., challenges benchmarks in the alternative fuel sector. We manufacture and market innovative energy with

very high social and environmental impact. We find ways to "do what the others don't".

COMPETING RAW MATERIAL FOR ETHANOL BENEFITS COMPARISON BENEFITS Yare Sugarcane Corn

Positive Enviromental impact How does the Yaretanol rate to other bio fuels on positive enviromental impact?

5 1 1

Non-Fossil Energy use How does the Yaretanol compare on Non fossil Energy use? 5 1 1 Yield How does the Yaretanol rate to other bio fuels on Yield? 5 4 3 Cost How does the Yaretanol cost compare to other bio fuels? 5 1 1 Price How does the Yaretanol price compare to other bio fuels? 5 1 1 *per ETAVEN,C.A. Vzla trials Legend: 5=excellent; 1=poor 25 8 7

2 *Source: Business Plan YARETANOL – MCT 2008

2.5 Vision Statement

Through our diverse professional skills and clarity of purpose and values, we aim to achieve an IPO (or Trade Sale) by 2010.

2.6 Organizational Objectives

1. Subscribe ETAVEN, C.A., contract for Initial Investors before February 2009. 2. Achieve recurring profits of a minimum $25 million by Year 2. 3. To extend the capacity of the pilot plant in Venezuela to the 100% and to establish new international branches. 4. Research and establish three other innovative products by Year 3, ready to market by year two.

2.7 Organizational Values

• Transparency in all dealings with key stakeholders • Commitment to customers • Collaborative approach to new products.

2.8 Founders and Management Team

The Management team is comprised of Ivaneth Silva Pernalette, Valmore Hernández and José Gregorio Giménez. The

Management team is complimented by two advisors: Francisco Casanova (Strategy and Marketing advisor) and

Mckinsey&Company Consultants. The Management team is highly motivated, experienced and well qualified. The team is

strongly positioned to take advantage of this opportunity (Appendix C). The team has:

• Proven business start-up skills, with bottom line responsibility • Experience in business start up (finance, marketing, operations (engineering), standardization and legal aspects) • Personality profiles that reflect the synergies of cohesive group dynamics

Francisco has significant skills and experience in marketing and strategy. McKinsey&Company’s Consultants in Venezuela is

helping us in The Start-up phase to covering all aspects of the business system: corporate and business unit strategy,

organization/PMM, growth, innovation, industry structure management, performance management, and all aspects of

operational improvement (e.g., lean transformation, sales and marketing programs, procurement/SCM, IT, site

management) (Appendix D).

2.9 Major Milestones Achieved to Date

• Identification of business oportunity in alternative fuel’s market • Successful trials of YARETANOL in Lab’s University of Carabobo • Patent of the method to obtain ethanol from yare • Register of Company ETAVEN, C.A. • Project approval for the D&R by Science and Tecnology Ministery • Competitor analysis undertaken to establish uniqueness YARETANOL product benefits • Development of Business Plan • Commitment of management team through investment of hurt money • Be prizewinners of the National Award as “Best Business Plan for 2008” in the most important contest in Venezuela • Contact whit Advisory Board of PEQUIVEN: “Petroquímica de Venezuela”, the most important state-run company in

the chemical sector in our country for RD&I contribution.

2.10 Brief Resumes of the Management Team

Valmore Hernandez President

Academic Qualifications: Agronomist Engineer, Financial scientist, Master of Engineering Process student. Positions held: General Manager/Operations Manager (Corporate Biotechnology Industry); Valmore con with more than 20 years of Experience elaborating plans of businesses, design of processes and Quality Control in farming projects and biotechnology.

Ivaneth Silva Pernalette Corporate Director

Academic Qualifications: Industrial Engineering student, Auditor of Quality Management Systems. Positions held: Owner/ Operator (Technology Industry); Consultant/ Organizational Psychologist/Auditor. During a career spanning over 10 years, Ivaneth has worked in various upper management positions in companies related to international quality, environmental, industrial hygiene and safety standardization, and social responsibility. She has received several national and international awards.

Jose Gregorio Gimenez Operation’s Director

Academic Qualifications: Electronic Engineering student. Industrial scientist. Positions held: Inventor (Technology Industry); Operator (Chemical Industry) Jose have 16 years of experience in Design and industrial manufacture of machinery and electronic equipment, automatic systems of control for resin injection and alcoholic fermentation.

Francisco Casanova CFO

Academic Qualifications: Bachelor of Business Administration and MBA student Positions held: Operations Manager (Finance Industry); Marketing Consultant (Banking Industry) Francisco's career and academic achievements have ensured that she is able to analyze situations from a variety of perspectives. He has 15 years of experience. His analytical skills, attention to detail and common sense approach are backed by exposure to a variety of industry sectors.

2.11 Business Structure The proposed business structure is:

2.12 Board Structure

The Board of Directors conformations is: Mr. José Gregorio Giménez have 26% of the stocks, Mr. Valmore Hernández have

26%, Mr Alessandro Palmisano 25% and Ms. Ivaneth Silva Pernalette have 23% of the company’s stocks and the exclusivity

from international sales.

3. THE OFFER

3.1 Funds Required

A total investment of $2.75 million like as Initial Investment is sought from an investor who has experience in the biofuel

manufacturing and/or marketing industries. (Possibly will be PEQUIVEN (See Apendix E)). There will be three tranches -

• The first of $1.43 million will be made once the initial contract is subscribed. This is due to be completed by

March 2009. This money will be used to finance the Building and machinery fabrication. and initial raw material

supply.

• The second tranch of $475 thousand is due in April 2009. This money will be used to finance the Installation and

Start-up, to buy critical raw material supplies, as well as provide working capital.

• The third tranch of $845 thousand is due in July 2009. This money will be used to Operation and tune-up and

provide working capital.

3.1.1 Initial Investor Equity

For the $2.75 million investment, the initial investor will receive a 15% equity stake in ETAVEN, C.A. The financial

projections forecast an Internal Rate of Return >> 100%, the investor with a cash return 10 times their original investment

at the end of Year 5. If the Board unanimously decides, dividends may be distributed; however, this business plan does not

contemplate any dividend payments, only capital gains.

ETAVEN,C.A. 100%

BOARDS OF DIRECTORS

60%

INITIAL INVESTOR

(Pequiven?) 15%

INVESTORS 25%

3.1.2 Management Equity and Royalty

The Management team have invested US$ 568,181in ETAVEN, C.A. into research and developing, in return for a 60% equity

share and will receive royalty payments for each unit sold. Royalty payments are calculated at 5% of sales revenue, with a

base minimum in the first five years of 80,000 Ton of YARETANOL. If these numbers are not achieved the contract may be

renegotiated at the request of ETAVEN, C.A.

3.1.3 Investors Equity (to expand by 100% the production capacity of the pilot plant in Venezuela and to establish international branches)

In order to achieve the total replacement of ethanol imports from Brazil (corn- and sugar cane-based), for which an

investment of at least US$200 Million for equipment, machinery and infrastructure is required. This would represent

91% of the Venezuelan market, with a growing demand in the range of 1,100,000 tons/year, or US$2,750,000,000/year.

The financial projections forecast an Internal Rate of Return >> 100%, providing the investor with a cash return 10 times

their original investment at the end of Year 5. In return for granting exclusive marketing and distribution rights in

Venezuela for a period of 10 years (options may also been granted for Mexico, Canada and North America), will be granted

a 25% equity stake in ETAVEN, C.A.

The company is valued at US$25 Million, without taking the intangible assets in consideration, as it is a trademark that is

currently growing and being positioned.

3.1.4 Exit Mechanisms

ETAVEN, C.A., will be positioned for an IPO or trade sale in year 6 of operations. An earnings multiple of ten has been

factored into the valuation calculations and reflects a conservative rate for this industry.

3.1.5 Investor Claw Back Strategy

If the Management team fails to achieve at least 90% of the key performance criteria contained in this business plan

(subject to negotiation including a mechanism for measuring the investor's, directors performance and operational

support) over the five years, the investor will be entitled to claw back from the Management team, at no cost, 20% of the

management team's equity, therefore raising the investor's holding to 50%.

4. STRATEGIC ANALYSIS 4.1 External Environment Analysis

4.1.1Macro Environment Analysis

4.1.1.1Technological Developments Technological developments in the industry have focused on the biofuel derived from yare and a wide

range of byproducts

4.1.1.2 Social and Attitudinal Trends

• Biofuel industry achieved prominence ten years ago and continues to grow. • Current biofuel sacrifice foodstuffs toward more expensive. • The yield from the other raw material/ethanol is less than 35% while our yield yare/ethanol is 50%. • To obtain ethanol from corn or sugar cane is used higly fosil energy, while we use eolic auto – generation. • Carabobo produce 12,000 tons/year of yare industrially that are generated as waste from the 150 places

that have been making cassava bread for over 25 years. • The yare is considered a waste and an environmental liability. • In 2005, only 30% of gasoline was sold at a ecological; today, it is over 80% suggesting more discerning

consumers and lower margins in the industry.

4.1.1.3 Economic Trends

• Consumers today have a larger disposable income. • Urban populations are growing and using more fuel. • The Kioto convention make enphasis in non-fossil fuel because those not contribute to the greenhouse

effect problem. • In Venezuela 91% of the ethanol is imported from Brazil (sugar cane-based). • Many country are dependents of petroleum and it is a source non renewable.

These findings, suggest that YARETANOL will be able to capitalize on the impulse nature of the global market and

his needs.

4.1.2 Market Description • In 2007 291,000 liters of ethanol were produced in the Venezuela (for human comsuption). (9%) • In 2007 3,088 thousands liters of ethanol was consumption for fuel of cars and is imported. (90%) • In 2007 30,000 liter/day of ethanol was consumption in the Chemical Sector in Carabobo. (1%) • The National production accounts for 9 % of the total market and Imported 91%. • Ethanol for fuel is the faster growing sub sector in volume and value terms with increases of 2% from 2005 to 2008. • The actual installed capacity can´t supply the Venezuelan market for fuel and chemical sector. • We going to produce 30,000 lt/day (pilot plant) from YARETANOL to supply the market in the chemical sector.

Potable alcohol production in Venezuela for the 2007 year

AREA Annual production 2.007 (Lts./Day)

Instaled Capacity (Lts./Day)

CENTRAL REGIÓN 9.795,70 102.500,00 OCCIDENTAL REGIÓN 34.484,00 186.500,00 ANDEAN REGIÓN 289,90 2.000,00 NATIONAL TOTAL 44.569,60 291.000,00

Venezuelan consumption of ethanol for fuel of cars (imported from Brazil) YEAR 2005 2006 2008 2010 ETHANOL T BPD 17,7 18,2 19,3 20,6 ETHANOL TLPD 2.832 2.912 3.088 3.296

3 Ministry of Energy and Oil / T BPD: Thousands of barrels per day / T LPD: Thousands of liters per day

Consumption for Ethilic Alcohol from the Industrial Chemical sector in Carabobo

COMPANY INPROIN R.L. SOLVEN C.A. SOLVENTES VENEZOLANOS C.A. TOTAL ETHANOL LPD 2.800 14.500 12.700 30.000

4.1.3 Competitive Environment Analysis

Our competition at the moment is imported ethanol originating of Brazil. (3.030.000 Lts/day that represent 91% of the

Venezuelan market, with a growing demand in the range of 1,100,000 tons/year, or US$2,750,000,000/year).

4.1.4 Customer Profile

Our main clients are INPROIN, R.L, SOLVEN, C.A. and SOLVENTES VENEZOLANOS, C.A., important companies from

chemical sector with daily purchases from 2.800 Lts, 14.500 Lts and 12.700 Lts respectively.(See Apendix B)

4.1.5 Suplier Profile

Our enterprise will start out with a pilot plant that will process 12,000 tons/year of yare industrially that are

generated as waste from the 150 places that have been making cassava bread for over 25 years, located in an area close to

the company (In Tocuyito, Libertador Municipality, 12 minutes away). These places will be our initial suppliers to start

producing initially 30 tons/day to replace 1% of the imports of the national ethanol market, whose requirements reach

3,000 tons/day. The product will be used as raw material in the automotive, chemical and food industry, who will be our

clients, and will be marketed at a price promedio of yare US $2,226 per ton (50% less than the competition), that

represent the 64% from Annual Sales.

5. KEY STRATEGIC ISSUES

5.1 Sustainable Competitive Advantage

ETAVEN, C.A., will "succeed" because of the following:

• A strategic alliance with the most important state-run company in the chemical sector in our country providing it with credibility and well established distribution channels to establish the business in its formative stages.

• Unique and innovative biofuel appliances

• Strong team of committed people

5.2 Basis for Growth

The basis for growing the venture is reflected in the following two strategies:

Priority 1: continue research and development of new and innovative products to meet the current and future needs of biofuel appliance consumers.

Priority 2: Enter new geographic markets (Central, North, South America, Africa and the Tropical Islands).

6. THE MARKETING PLAN

6.1 Marketing Objectives

• Establish a strong presence in the Vzla market • Use the PEQUIVEN association as a conduit for entry into the Vzla market provide guaranteed demand, market

penetration, nation wide distribution, and an opportunity to gauge market acceptance of YARETANOL at a reduced business and financial risk.

• Utilize acquired market knowledge and presence to establish non-Yaretanol customers both through PEQUIVEN affiliations and through the efforts of ETAVEN, C.A. own sales force.

• Establish significant high-margin sales.

6.2 Sales Assumptions

Assumptions underlying the development of the sales forecasts are as follows:

INFLATIÓN 40% 35% 35% 35% 35%

Year 2009 2010 2011 2012 2013

Sales

Ethanol (Lts) 6.012.278 38.959.559 63.114.486 102.245.467 165.637.656 Cassava flour (Kgs) 493.315 3.196.682 5.178.624 8.389.372 13.590.782

Starch(Lts) 2.525.157 16.363.015 26.508.084 42.943.096 69.567.815

Animal feed (Kgs) 61.664 399.585 647.328 1.048.671 1.698.848

Vinasses (Kgs) 240.491 1.558.382 2.524.579 4.089.819 6.625.506

Total Sales 9.332.905 60.477.223 97.973.101 158.716.424 257.120.607

6.3 Marketing Strategies

6.3.1 Products

ETAVEN, C. A.'s product offerings will be positioned as cost-effective, reliable, operational solutions to the current and

future needs of the Venezuelan Market and the global world.

6.4.2 Price

Here in Venezuela the market price from ethanol is $4,5/lt, very high and like as the price of (1 American gallon),

however, our price is US$2,21 per Lt., (50% less that the competence) because our real cost is $US0,18 ( the second year is

smaller because we produce our yare).

PRODUCT PRICE (US$/Ton)

Ethanol: 2,226.00 Cassava Flour: 228.31 Starch (Lts): 1,600.00 AAnimal Feed (Kgs): 456.62 Vinasses(Kgs): 228.31

It must be noted that we can have such a large price difference because the raw material extraction costs are

nil for our company, and the collection and transportation costs are very low because the yare is produced whether we

want it or not.

In addition, for negotiation purposes with the producers we have the advantage that we will be processing 30% of

the cassava that is lost in the crops because it does not reach the commercial size and weight standard, plus 50% more

comprising the cassava that is attacked by pests, that which rots away due to excess rain, and the cassava that is not good

to eat because it is either too tough or too fibrous.

After three phases of three months each, we will become independent from the cassava bread makers who will

be our initial suppliers of yare; second, we will be buying 50% less because we will extract the required yare ourselves,

and in the last phase we will extract 100% of the yare we will require, thus assuming total control and we will become

their cassava flour suppliers.

6.4.3 Distribution

The clients come until Planta to look for ethanol.

6.4.4 Promotion

Actually we don’t need to develop a mark because our strategy is based in low price, but we are conscious that in the

future will need it.

7. PRODUCTION PLAN

The initial assembly plants for the YARETANOL and Almidon will be located at the Tocuyito, Carabobo State.

Based on the market research undertaken, strategies developed and existing customer relationships, the following sales

forecasts were developed (in units):

Product Details Year 1 Year 2 Year 3 Year 4 Year 5

ETAVEN, C. A (Thousands Ton/year)

Ethanol

Cassava flour

Starch

Animal feed

Vinasses

29.25

24

17.55

1.5

11.7

35.1

28.8

21.06

1.8

14.4

42.12

34.56

25.27

2.16

16.85

50.54

41.47

30.33

2.59

20.22

55.60

49.77

36.39

3.11

24.26

In addition, checkpoints within the production process have been put in place to guarantee standards.

8. ORGANIZATIONAL PLAN

8.1 Organization Structure Chart

The Organizational Structure charts appearing below show how the organization's staffing needs change over the five

years.

Year 1 Board

CEO Admin Staff 2 Marketing Staff 1 Production Staff 6

Year 5 Board

CEO Admin Staff 12 Marketing Staff 4 Production Staff 60 Finance Staff 8 Sales Staff 8 R and D Staff 4

8.2 Organizational Budget

Specific line budget items appear below:

Organizational

Expense

Details

Qtr 1

$

Qtr 2

$

Qtr 3

$

Qtr 4

$

Year 1

$

Year 2

$

Year 3

$

Year 4

$

Year 5

$

Payments 90,411 209,635 262,237 286,712 848,995 4,837,808 6,531,041 8,816,905 11,902,822

Production 25,652 192,677 594,524 573,720 1,386,573 2,246,249 3,638,923 5,895,055 9,549,989

Services and ofice 5,227 15,592 15,592 15,592 52,003 84,245 136,477 221,093 358,170

YARETANOL Assembly 175,000 275,000 275,000 275,000 1,050,000 1,248,000 1,296,000 1,344,000 1,392,000

Starch Production 1,512,000 3,699,120 5,987,520 8,467,200

Training 40,000 20,000 60,000 120,000 120,000 120,000 120,000

Marketing 30,000 30,000 30,000 30,000 120,000 600,000 480,000 480,000 480,000

9. FINANCIAL PLAN

9.1 Underlying Assumptions

YEAR 2009 2010 2011 2012 2013 Growth rate 20% 20% 20% 20% 20%

Inflation 40% 35% 35% 35% 35%

9.2 Financial Highlights (Best Case Scenario)

• Cash positive in each year of operation • $5.8 million committed to R&D

Almidon, Cassava flour, Animal feed and Vinasses cash surplus reinvested into YARETANOL.

9.4 Breakeven Point

9.5 Financial Proformas

9.6 Sensitivity Analysis

9.7 Source and Application of Funds

9.8 Critical Risks and Problems

Annual Sales($million)

ETAVEN, C.A. Profits ($million)

Balance Sheet 2009-2013 Expresed in US$

INFLATIÓN 40% 35% 35% 35% 35%

Year 2009 2010 2011 2012 2013 Sales

Total Sales 9.332.905 60.477.223 97.973.101 158.716.424 257.120.607 Salaries 848.995 4.837.808 6.531.041 8.816.905 11.902.822 Total Production 1.386.573 2.246.249 3.638.923 5.895.055 9.549.989 Total Services 47.881 77.567 125.658 203.567 329.778

Total Office supplies 4.122 6.678 10.818 17.526 28.392

Operative expenses 1.438.576 2.330.494 3.775.400 6.116.148 9.908.159 Depreciation 136.617 207.068 202.260 150.657 132.647

Other Expenses 136.617 207.068 202.260 150.657 132.647

Total liabilities 2.424.189 7.375.370 10.508.701 15.083.710 21.943.629

Gross profit 6.908.716 53.101.853 87.464.401 143.632.714 235.176.979 State income tax (34%) 2.348.964 18.054.630 29.737.896 48.835.123 79.960.173

Net profit 4.559.753 35.047.223 57.726.504 94.797.591 155.216.806

NPV Scenarios Price Production Unfavorable (-50%) Normal Favorable (+50%)

Low (-35%) -14.717.812 -51.884.245 -89.050.679

Normal -103.776.739 -352.925.692 -296.120.810

High (+35%) -244.936.146 -264.263.867 -407.620.112

Cronogram of activities for the YARETANOL project

STAGE IDENTIFICATION

DISBURSEMENT ($) %

PERIOD Jan-March

09 Apr-Jun

09 Jul-Sept 09 TOTAL ($) Building and machinery fabrication 1.430.000 52,00 1.430.000 1.430.000 Installation and and Start-up 475.000 17,27 475.000 475.000

Operation and tune-up 845.000 30,73 845.000 845.000

TOTAL 2.750.000 100 2.750.000

Breakeven Point ( US$ ) 1.169.482 5.253.415 7.013.615 9.344.133 12.545.935 Breakeven Point ( % ) 12,53% 8,69% 7,16% 5,89% 4,88%

Cash f low 2007-2011 Expressed en US$ 2009 2010 2011 2012 2013 Opening cash balance 0 -6.119.939 -40.858.921 -97.952.884 -191.548.755 Sales -9.332.905 -60.477.223 -97.973.101 -158.716.424 -257.120.607 Capita l funds -2.750.000

Research & Development 2.287.572 7.168.302 10.306.441 14.933.053 21.810.981

Marketing Budget 1.326.430 515.309 834.801 1.352.378 2.190.852

State Income Tax 2.348.964 18.054.630 29.737.896 48.835.123 79.960.173

Closing Cash balance -6.119.939 -40.858.921 -97.952.884 -191.548.755 -344.707.356

RISK DIMENSION PERCEIVED RISK Development Zero Management Low/Moderate Marketing Low/Moderate Financial Low/Moderate Valuation Low Financing Low/Moderate Exit Low/Moderate